Abstract
Bayesian decision theory was invented by Leonard (Jimmie) Savage in his Foundations of Statistics of 1954. Bayesianism is the doctrine that his theory always applies to everything. In particular, Savage’s subjective probabilities (reflecting the odds at which someone would be indifferent to betting a small amount for or against an event) are mindlessly taken to be epistemic probabilities (reflecting the logical degree of belief to be attached to an event given the available evidence).
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Binmore, K. (2017). Bayesianism. In: Frey, B., Iselin, D. (eds) Economic Ideas You Should Forget. Springer, Cham. https://doi.org/10.1007/978-3-319-47458-8_8
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DOI: https://doi.org/10.1007/978-3-319-47458-8_8
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